How interest rate hikes affect you and your wallet

The Federal Reserve raised interest rates again. The latest raise was 0.50%. If you’re keeping track, that’s seven rate increases in 2022. In March, the Fed started the year with a rate increase of 0.25%. It was the first rate increase in more than three years. Is this going to keep happening? Will there be more rate increases in the near future? It’s possible. But let’s take a look at what it means for you and your money.

Here’s What Happened Recently
The latest interest rate hike of 0.50% was announced on December 14, 2022. Federal Reserve Chairman Jerome Powell said, “The Fed is strongly resolved to bring inflation down to 2%, and we will keep at it until the job is done.”

To gauge just how long that may take, the U.S. inflation rate is 7.1% using the most recent government data. Based on Powell’s comments, we may continue to see rate hikes for the foreseeable future until that inflation number comes down.
The Big Picture on Interest Rates

Our goal is to equip you with the latest, relevant information to make good financial decisions. And in the case of interest rates and inflation, it’s helpful to know the big picture, so when you see a headline about “rate hikes” or “inflation is rising,” you’ll know what that means for you and your money.
FNB Updates
Pictured L to R: John Croak, Corey Edwards, Macie Stafford, Bill Croak, Michelle Devinney

Come see our newly renovated branch on Tinker Air Force Base in the Base Exchange building!

Branch Manager, Michelle, and the team are excited to see all of our customers again.
Pick up a 2023 calendar from your local branch.
There are patriotic images and special days throughout so you never miss a national holiday.
Congratulations, Robert H. Croak!
Congratulations to our Chairman, Robert Croak on being inducted into the Oklahoma Bankers Hall of Fame!

Robert H. Croak is chairman of the board of FNB Community Bank in Midwest City, a position he has held since 1995. He began his banking career at American State bank in 1954 as the second generation of his family to be involved in the industry.
 
Croak continued to work in various positions at the bank – later renamed First National Bank of Midwest City by Croak’s father, Henry, and eventually its current name of FNB Community Bank. He was elected to the bank’s board of directors in 1963, was named a vice president in 1971, an executive vice president in 1983 and president and chief administration officer of bank investments in 1986, vice chairman of the board in 1988 and president of the bank in 1995.
 
He graduated from the University of Oklahoma with a bachelor’s in finance/commercial law in 1964. He has also received numerous certifications and awards from various financial-based schools and organizations, and was recognized by the Oklahoma Bankers Association as a member of its “50-Year Club” in May 2004.
 
His beloved wife Linda passed away in late October. In 59 years of marriage, the Croaks built a family together – three grown children, six grandchildren and five great-grandchildren.
Happy 40th anniversary to John Croak!

John R. Croak has been around FNB most of his life. His banking career started on Dec 27, 1982 and he is now Vice Chairmen of the Board of Directors and Executive Vice President/Head of Retail for FNB Community Bank. Thanks for your many years of dedicated service!
Have you ever received text messages about special discounts or promotions for a service you use? Many legitimate organizations send promotional text messages to their customers. Unfortunately, cybercriminals are sending text messages with fake promotions to try to manipulate you.

In a recent smishing (SMS phishing) scam, cybercriminals send you a text message offering a discount that's only available for a limited time. The text message claims that the discount is for a common expense such as gas, an electricity bill, or even a car insurance policy. To claim your discount, the text message states that you need to click a link and enter sensitive information, including your bank account information. If you click the link and enter this information, cybercriminals can use it to access your bank account and steal your money.

Follow the tips below to stay safe from similar smishing scams:

Think before you interact with a text message. Did you sign up for text messages from the organization? Is the text message similar to other text messages you’ve received from the organization?

If an offer sounds too good to be true, it probably is. Verify any offers of discounts or promotions by contacting the organization directly.

Never tap on a link in a text message that you aren’t expecting. Instead, open your internet browser and navigate to the organization’s official website.
Click the photo above to apply!
Did you know that when you bank local, you make it possible for FNB to lend to local businesses that build up our community?

Thank you for investing in your community and banking local.
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